It is purely because of the location. Prior to the IBG, if I recall correctly, the only Zinc mine of an equal or greater scale in the Artic regions is Red Dog. The biggest hurdle with Red Dog is that there is a limited time window per year to ship out concentrate.
On top of that you have to construct and build the general infrastructure, which means man (people power to be PC) power and equipment etc. So the risk would be greater. This does not mean it is impossible, and obviously I think it is possible. However, it is a majour point of difference between the 2 projects.
IBG SP / VALUATION THOUGHTS, page-3
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